I have good friends in Chinatown. I play along with them, when they complain about how Chinatown has been slowly gobbled up. The reality is they just don't have the political numbers to sway any politicians to support their causes. The downtown arena is going to be privately funded but the real cost is going to be access to and from the facility. Now you're talking taxpayer money. The reality is Chinatown (what is left of it) is doomed.
If it is built over Jefferson Station, there is a possibility it could work. Jefferson station would need to be expanded. There is plenty of access points via the high speed line to SJ and even the subway lines on broad and Market. In the Philly market people are used to driving their cars. Parking still would be the main problem. Having gone to some Temple basketball games, those garages become a nightmare to get out of. I go to a few 76ers games a year so an extra 15 minutes to get home, isn't the end of the world for me. The sport writers who go to most games, will hate it, thus they are complaining the loudest.
I used to take the regional rail line to the airport when I travelled a lot for work. It was freaking great. Walk to Jefferson station and I was on the plane never having to drive or move my car. It did require me leaving extra early but I never really had any major issues using it. Now you're talking about people changing their habits and we all know the freak out, whenever someone has to do something new. I would rather get on the Speed-line and next stop is walking into the arena. On the way out, I catch the train and then I am walking to my car in Jersey.
I think the biggest impact for Chinatown would be getting it built. That whole area would be a mess for years. Knowing how political solutions work, the easiest thing would be to level most of Chinatown for parking and ramps to Vine Street. All other creative solutions would be deemed to be too expensive. I have a strong feeling the owners of the current arena will offer much better terms for a new lease to the 76ers to stay in S. Philly. So I don't think it will ever get built.
That doesn't mean there aren't other development projects that aren't in the works that are eying the Chinatown area.